REPORTS

Chinese imports could show signs of slowing ahead and the ever-present threat of Indian export subsidies could develop a stronger pulse. Outside of anything-can-happen macro influences, however, there remain no clear signs of a deficit solution without higher prices or an accommodating India export subsidy. There continue to be a wide assortment of expectations on India, ranging from anticipations of nearing policy within the next three weeks, to expectations of a late Dec policy announcement with light subsidy commitments. Whatever the Indian government decides, and when, is expected to have significant influence on sugar prices, in either direction.